CFA Hitesh Somani
MD - Aapka Investments
Website - https://www.aapkainvestments.in
Nifty near Life High but saw some profit booking. Will it break the Life High in Next Week?
Nifty
moved within a fairly narrow range this week. On the first day, we saw it rise
by 170 points. The second day was sideways, and on the third day, it showed a
positive move of 117 points. But in the last two days, it gave up all the gains
it had made and closed with a loss of 73 points. Nifty’s Life high is very near
that is 26575, Nifty managed to sustain above 26000 levels amid Diwali and
festival mood but slipped from higher levels because of profit booking and
closed near 25750 levels. Nifty is now near its major support of 25500 levels
and on the upside 26000 levels will react as major resistance levels. Nifty has
a major chance to hit above 26000 levels in the coming week and if it manages
to sustain above 26000 levels then it may hit the lifetime high of 26575.
Banknifty
also traded strongly from last few weeks but shown some profit bookings at the
higher levels. Banknifty has a major support @57200 and major resistance @58100
levels. If it sustains above the higher levels then we may see banknifty above
59000 soon.
Important Levels for Nifty Next Week
- Major Support Levels for Nifty
- Support 1 – 25500
- Support 2 – 25200
- Support 3 – 25000
- Major Resistance Levels for Nifty
- Resistance 1 – 25900
- Resistance 2 – 26150
- Resistance
3 – 26550
Important Levels for Banknifty Next Week
- Major Support Levels for Banknifty
- Support 1 – 57500
- Support 2 – 56800
- Support 3 – 56000
- Major Resistance Levels for Banknifty
- Resistance 1 – 58000
- Resistance 2 – 58500
- Resistance 3 – 59000
Important Stocks to Watch Next Week
1) GODREJCP
Buy Above @ 1145
Stop Loss Below @ 1040
Targets @ 1195, 1295 and 1395
2) FLOUROCHEM
Buy Above @ 3780
Stop Loss @ 3640
Targets @ 3890, 3990 and 4090
CMP@ 475
Stop Loss @ 445
Targets @ 495, 525 and 545
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